Small Account Challenge Day 21: +$8 FOMO: Don’t Take That Trade!

Today’s stock word of the day: FOMO. Actually, as I’m writing this post a little late it appears to be the word of the week. More on that tomorrow.

FOMO = Fear Of Missing Out. And it happens to everyone who trades stocks, because you see a stock making huge gains and you want to jump in. Typically at the wrong time.

Okay, trades for today. I started the day with a FOMO trade that I shouldn’t have made, and then held on to it longer than I should have. I got anxious because the two picks I had for the morning bounce did not play out the way I had hoped. So I got FOMO, and started looking around for trades to make. I had traded $DERM once already and made a small gain, so it was still in my watchlist. I traded the stock before I even drew my trend lines. I went in for 100 shares at $10.17, and got stopped out at $10. Thing is, there was momentum in the stock if I had held on but I didn’t. Smart move to cut my losses, but it was also smart to watch the stock I just didn’t get into it the way I should have.

Next stock I traded was $ANTH, and I did really well with this stock by appreciating small gains. I’ve actually been paper trading some because TC2000 now has hot keys for buying and selling, and I want to get familiar with it. I made $500 just trading this stock with quick executions using only $1000 of capital each time, which is a huge difference in how Ustocktrade executions work. But as far as real money, I made one trade for an $11 gain, another trade for an $18 gain, and I’m going to hold it overnight. I’m finding these bottom bounce plays have a long life to them if you’re patient. I have not been very patient lately, I have to learn.